1. FRS radios are now allowed to transmit up to 2W of power and do not require a license to operate: Formally referred to as FRS/GMRS hybrid radios, these radios will now be reclassified as FRS units using expanded FRS capabilities.
2. FRS radios will now have 22 channels: These expanded capabilities now include usage of channels 8 – 14, and previously GMRS only channels 15 – 22, in addition to the existing FRS channels 1 – 7. It is important to note that each FRS transmitter type must be designed such that the effective radiated power (ERP) on channels 8 – 14 does not exceed 0.5 Watts and the ERP on channels 1 – 7 and 15 – 22 does not exceed 2.0 Watts. Part95 – eCFR
3. You will be allowed to use reclassified FRS units for personal or business reasons: People have been doing this for a while, but now it is legal!
4. Any radio above 2W of power is now classified as GMRS radio: and still requires a license from the FCC to operate. Not much change here, except sharing additional stations with FRS radio users.
5. GMRS licensing is now good for 10 years and cost $70: This covers you and your immediate family and was previously only valid for 5 years.
6. GMRS will have 30 total channels: This means 22 FRS/GMRS channels plus 8 repeater channels. As with FRS, radios on these channels are limited to the ERP designated. If you are using a GMRS radio on channels 8 -14 you are still limited to a transmitting power of .5W. FCC GMRS Channels
Source, Midland Radio